Zumper has published their first ever Metro Report for the DC region. The report analyzed over 55,000 active listings from last month for eight cities in the metro area to highlight the most/least expensive cities and cities with the fastest growing rents.
Rockville ranked fifth most expensive city to rent, with one bedroom units priced at a median of $1,710. Since this time last year, Rockville rents fell a slight 4.5%.
“Although one bed rent prices are down 5% a year ago, if you look at monthly rates, rent prices are only down around 1%, which in absolute terms, is not a huge variance,” explained Crystal Chen from Zumper.
The average one-bedroom rent for all eight cities studied was $1,785, so Rockville’s right in the middle. The highest was Arlington at $2,380 and the lowest was Frederick at $1,110. The other cities included were Bethesda, Washington, Silver Spring, Alexandria, and Reston.
“Since the majority of Rockville are homeowners, rather than renters, the rental prices there can be more easily changed with more or less supply. The slight dip in rent prices in our report may likely be due to more rental supply hitting the market.” Chen replied.
As for other sizes of rental apartments, you can see the need for larger apartments in Rockville. Most of the stock being constructed are for smaller one-or-two bedroom units.
Lifting the City of Rockville’s moratorium on the construction of new housing units may slowly bring down the price of renting in Rockville, but larger family units are in demand.
Zumper is used by millions of renters every year to find houses, condos or apartments for rent. Their inventory is updated in real-time to help find a cheap or a luxury apartment, and also figure out such things as whether or not cats and dogs are welcome.